Fixed Income

BGF Emerging Markets Local Currency Bond Fund

  • NAV as of Aug 18, 2022 HKD 23.27
    52 WK: 21.87 - 28.64
  • 1 Day NAV Change as of Aug 18, 2022 -0.17 (-0.73%)

Overview

Investment Approach

The Fund aims to maximize the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in fixed income securities denominated in local currencies of developing market countries. These include bonds and money market instruments.
Important Information: Capital at Risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
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Performance

Performance

Growth of Hypothetical 10,000

Performance chart data not available for display.
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Share Class and Benchmark performance displayed in HKD. Source: BlackRock. Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested. Past performance is not a guide to future performance.

Distributions

Record Date Ex-Date Payable Date
View full table
Record Date Ex-Date Payable Date Total Distribution
  From
30-Jun-2017
To
30-Jun-2018		 From
30-Jun-2018
To
30-Jun-2019		 From
30-Jun-2019
To
30-Jun-2020		 From
30-Jun-2020
To
30-Jun-2021		 From
30-Jun-2021
To
30-Jun-2022
Total Return (%)

as of Jun 30, 2022

-6.68 4.47 -6.38 9.06 -17.84
  1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Jul 31, 2022

-16.04 -5.44 -3.87 -2.19 -1.68
  YTD 1m 3M 1Y 3Y 5Y 10y Incept.
Total Return (%)

as of Jul 31, 2022

-12.30 1.76 -0.54 -16.04 -15.44 -17.92 -19.86 -20.88
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Key Facts

Key Facts

Size of Fund (Millions) as of Aug 18, 2022 USD 1,437.981
12m Trailing Yield as of Jul 31, 2022 5.32
Number of Holdings as of Jul 29, 2022 176
Base Currency U.S. Dollar
Fund Inception Date Jun 26, 1997
Share Class Inception Date Sep 22, 2008
Asset Class Fixed Income
Morningstar Category Global Emerging Markets Bond - Local Currency
SFDR Classification Other
Domicile Luxembourg
Regulatory Structure UCITS
Management Company BlackRock (Luxembourg) S.A.
Ongoing Charge 1.28%
ISIN LU0388349754
Bloomberg Ticker BGFLEA3
Annual Management Fee 1.00%
Initial Charge 5.00%
Performance Fee 0.00%
SEDOL B3DBV52
Dealing Settlement Trade Date + 3 days
Dealing Frequency Daily, forward pricing basis
Minimum Initial Investment HKD 5000
Minimum Subsequent Investment -
Use of Income Distributing

Portfolio Characteristics

Portfolio Characteristics

Yield to Worst as of Jul 29, 2022 9.62%
Modified Duration as of Jul 29, 2022 4.75 yrs
Effective Duration as of Jul 29, 2022 4.78 yrs
Weighted Avg Maturity as of Jul 29, 2022 6.81 yrs
WAL to Worst as of Jul 29, 2022 6.81 yrs

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. For newly launched funds, Sustainability Characteristics are typically available 6 months after launch. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating material environmental, social and governance (ESG) information or insights alongside traditional measures into the investment decision process to improve long term financial outcomes of portfolios. Unless otherwise stated in Fund documentation or included within the Fund’s investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective, but rather describes how ESG information is considered as part of the overall investment process.


The Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. The Fund manager conducts regular portfolio risk reviews with the Risk and Quantitative Analysis group. These reviews include discussion of the portfolio’s exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Risk Indicator

Risk Indicator

1
2
3
4
5
6
7
Low Risk High Risk
Low Yield High Yield

Holdings

Holdings

as of Jul 29, 2022
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 01/01/2024 3.44
BRAZIL FEDERATIVE REPUBLIC OF (GOV 0 07/01/2023 2.54
SOUTH AFRICA (REPUBLIC OF) 10.5 12/21/2026 2.21
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2023 1.94
BRAZIL FEDERATIVE REPUBLIC OF (GO 10 01/01/2027 1.91
Name Weight (%)
BRAZIL FEDERATIVE REPUBLIC OF 10 01/01/2025 1.72
SOUTH AFRICA (REPUBLIC OF) 8 01/31/2030 1.71
MEXICO (UNITED MEXICAN STATES) (GO 5.75 03/05/2026 1.70
COLOMBIA REPUBLIC OF (GOVERNMENT) 10 07/24/2024 1.45
SOUTH AFRICA (REPUBLIC OF) 8.75 02/28/2048 1.35
Holdings subject to change

Exposure Breakdowns

Exposure Breakdowns

as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
Allocations subject to change.
as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
as of Jul 29, 2022

% of Market Value

Type Fund
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.

Pricing & Exchange

Pricing & Exchange

Investor Class Currency Distribution Frequency NAV NAV Amount Change NAV % Change 52wk High 52wk Low Bid Price ISIN Offer Price TIS
A3 HKD Monthly 23.27 -0.17 -0.73 28.64 21.87 - LU0388349754 - -
A2 CHF Accumulating 19.93 -0.15 -0.75 22.77 19.14 - LU0938162186 - -
D3 Hgd GBP Monthly 5.06 -0.04 -0.78 6.34 4.76 - LU0995345831 - -
X2 Hgd GBP Accumulating 8.73 -0.07 -0.80 10.36 8.16 - LU1505939139 - -
I5 USD Quarterly 7.33 -0.06 -0.81 9.16 6.85 - LU1495982867 - -
Class AI5 EUR Quarterly 8.68 -0.03 -0.34 9.26 8.05 - LU1960220660 - -
X2 AUD Accumulating 9.32 -0.09 -0.96 10.36 8.80 - LU1554267051 - -
Class S3 Hedged GBP Monthly 7.67 -0.06 -0.78 9.61 7.21 - LU1911699996 - -
A1 EUR Monthly 2.91 -0.01 -0.34 3.09 2.71 - LU0278461065 - -
I2 CHF - 21.58 -0.16 -0.74 24.50 20.71 - LU1781817694 - -
D2 CHF Accumulating 21.46 -0.16 -0.74 24.40 20.60 - LU1065150267 - -
A2 USD Accumulating 20.90 -0.16 -0.76 24.86 19.54 - LU0278470058 - -
A2 EUR Accumulating 20.64 -0.07 -0.34 21.15 19.02 - LU0278457204 - -
A2 Hgd SEK Accumulating 74.46 -0.62 -0.83 90.59 69.90 - LU1715605868 - -
A3 USD Monthly 2.97 -0.02 -0.67 3.68 2.79 - LU0278470132 - -
Class E5 Hedged EUR Quarterly 4.69 -0.04 -0.85 5.98 4.40 - LU1062843260 - -
D5 GBP Quarterly 7.24 -0.02 -0.28 7.87 6.83 - LU1694209807 - -
A6 USD Monthly 6.23 -0.05 -0.80 7.88 5.86 - LU1408528211 - -
D3 USD Monthly 12.27 -0.10 -0.81 15.23 11.52 - LU0523291242 - -
D2 EUR Accumulating 22.23 -0.07 -0.31 22.72 20.45 - LU0329592702 - -
X2 GBP Accumulating 5.39 -0.01 -0.19 5.51 4.93 - LU1688375267 - -
D3 Hgd AUD Monthly 4.79 -0.04 -0.83 6.00 4.51 - LU0827884841 - -
C2 EUR Accumulating 17.00 -0.06 -0.35 17.53 15.71 - LU0278457972 - -
D3 EUR Monthly 12.12 -0.04 -0.33 12.86 11.30 - LU0827884924 - -
D2 Hgd GBP Accumulating 12.39 -0.10 -0.80 14.80 11.60 - LU0827885491 - -
C1 USD Monthly 2.94 -0.02 -0.68 3.66 2.76 - LU0278478119 - -
D4 EUR Annual 12.19 -0.04 -0.33 12.85 11.21 - LU0827885145 - -
D2 Hgd CHF Accumulating 7.42 -0.07 -0.93 8.96 6.96 - LU1688375184 - -
D2 Hgd SGD Accumulating 7.54 -0.06 -0.79 8.98 7.06 - LU0827884767 - -
D2 Hgd PLN Accumulating 8.90 -0.06 -0.67 10.45 8.29 - LU0827884684 - -
I2 Hgd EUR Accumulating 6.72 -0.05 -0.74 8.11 6.29 - LU0473186707 - -
I2 USD Accumulating 22.62 -0.18 -0.79 26.75 21.14 - LU0520955575 - -
A6 Hgd SGD Monthly 5.60 -0.04 -0.71 7.12 5.27 - LU1676225185 - -
A4 EUR Annual 12.11 -0.04 -0.33 12.77 11.16 - LU0478974834 - -
A4 USD Annual 12.26 -0.10 -0.81 15.06 11.46 - LU0548402170 - -
A3 EUR Monthly 2.93 -0.01 -0.34 3.11 2.73 - LU0278457469 - -
I2 GBP - 18.85 -0.05 -0.26 19.39 17.31 - LU1741217027 - -
D2 Hgd EUR Accumulating 6.49 -0.05 -0.76 7.85 6.08 - LU0622213642 - -
A8 Hgd AUD Monthly 4.98 -0.04 -0.80 6.33 4.69 - LU1133072774 - -
I5 EUR Quarterly 7.24 -0.03 -0.41 7.74 6.71 - LU0995350831 - -
A1 USD Monthly 2.94 -0.03 -1.01 3.66 2.76 - LU0278477574 - -
A2 Hgd EUR Accumulating 6.26 -0.05 -0.79 7.61 5.87 - LU0359002093 - -
A2 Hgd SGD Accumulating 7.17 -0.06 -0.83 8.57 6.71 - LU0358998713 - -
C2 USD Accumulating 17.21 -0.13 -0.75 20.72 16.11 - LU0278476923 - -
I2 EUR Accumulating 22.35 -0.07 -0.31 22.83 20.55 - LU1559746307 - -
Class I3 Hedged GBP Monthly 5.05 -0.05 -0.98 6.36 4.76 - LU0995336418 - -
D2 USD Accumulating 22.50 -0.18 -0.79 26.64 21.03 - LU0383940458 - -
E2 EUR Accumulating 19.10 -0.06 -0.31 19.62 17.62 - LU0278459671 - -
D3 HKD Monthly 96.24 -0.74 -0.76 118.44 90.45 - LU0827885061 - -
A6 Hgd GBP Monthly 5.64 -0.05 -0.88 7.21 5.32 - LU1408528302 - -
D4 USD Annual 12.34 -0.09 -0.72 15.15 11.53 - LU0827885228 - -
A2 Hgd PLN Accumulating 8.47 -0.06 -0.70 10.00 7.90 - LU0480535052 - -
A2 Hgd CHF Accumulating 6.12 -0.05 -0.81 7.41 5.74 - LU0623004180 - -
X2 EUR Accumulating 6.39 -0.02 -0.31 6.51 5.86 - LU0531082021 - -
E2 USD Accumulating 19.34 -0.15 -0.77 23.12 18.08 - LU0374975414 - -
A6 Hgd CAD Monthly 6.06 -0.05 -0.82 7.70 5.71 - LU1408528641 - -
A6 Hgd HKD Monthly 61.49 -0.49 -0.79 78.28 57.93 - LU1408528484 - -
E2 Hgd EUR Accumulating 5.89 -0.04 -0.67 7.19 5.52 - LU0474536231 - -
A2 CZK Accumulating 507.94 -0.55 -0.11 534.05 473.17 - LU1791177113 - -
A3 Hgd AUD Monthly 4.79 -0.04 -0.83 6.01 4.51 - LU0575500318 - -
Class X5 Hedged GBP Quarterly 7.38 -0.06 -0.81 9.31 6.90 - LU1954752702 - -
Class AI2 EUR - 9.98 -0.04 -0.40 10.23 9.20 - LU1960220587 - -
A8 Hgd NZD Monthly 6.25 -0.05 -0.79 7.89 5.88 - LU1408528724 - -
X2 USD Accumulating 6.47 -0.05 -0.77 7.61 6.04 - LU0344905624 - -

Listings

Portfolio Managers

Portfolio Managers

Laurent Develay
Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

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Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Amer Bisat
Amer Bisat
Managing Director, Head of Emerging Markets Fixed Income

Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee.

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Amer Bisat, PhD., Managing Director, is Head of Emerging Markets Fixed Income and a member of the Fundamental-GFI Executive Committee. In this role, he oversees the team managing the firm's EM portfolios across hard currency, local and corporate debt instruments. Mr. Bisat's service with the firm dates back to 2013. Prior to BlackRock, he was a partner in two macro hedge funds (Traxis and Rubicon), and held portfolio management responsibilities at Morgan Stanley and UBS. Between 1991 and 1998, he was a senior economist at the International Monetary Fund where he helped negotiate high profile programs with Russia, Ukraine, and Egypt.

 

Mr. Bisat taught graduate level economics courses at Columbia University, co-authored a book on globalization, and academic and policy papers on growth and financial sector development. He is a trustee of a number of cultural and art institutions, sits on the Advisory Council of the Carnegie Middle East Center, and is a member of the Council on Foreign Relations.

 

Mr. Bisat earned a BA in economics from the American University of Beirut and a PhD. in economics and finance from Columbia University.

Laurent Develay
Laurent Develay
Managing Director, Head of Emerging Markets Local Debt Investments

Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group.

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Laurent Develay, Managing Director, Head of Emerging Markets Local Debt Investments within BlackRock's Global Fixed Income Group. He is the lead Portfolio Manager in this team and has the responsibility for managing and overseeing its activities.

 

Prior to joining BlackRock in June 2012, Mr. Develay was senior a Portfolio Manager in the Emerging Markets Debt team at Fischer Francis Trees & Watts (FFTW, a BNP Paribas Investment Partner) with an alpha focus on EM currencies and regional research coverage of Latin America. Prior to the merger between BNP Paribas and Fortis, Mr. Develay was Head of the Currency and Commodity Trading team at Fortis Investments for five years in Paris and London with a strong focus on emerging markets currencies. Previously, Mr. Develay served as a Currency Trader at AXA Investment Managers where he started his career in 1999.

 

Mr. Develay earned Master in Finance in 1996 from the E.S.L.S.C.A. in Paris and a Certificate in Finance from UC Berkeley Extension in 1998.

Michal Wozniak, CFA
Michal Wozniak, CFA
Vice President, Portfolio Manager for Emerging Markets Debt Portfolio Management team

Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group.

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Michal Wozniak, CFA, Director, is a Portfolio Manager for Emerging Markets Debt Portfolio Management team for Blackrock Global Fixed Income Group. He has responsibility for managing local rates within dedicated local currency bondportfolios and multi-segment strategies, including, local rates, sovereign debt emerging market currencies.

 

Prior to joining BlackRock in November 2013, Mr. Wozniak was working as a portfolio manager in Emerging Markets Debt teams in Lombard Odier Investment Managers and JPMorgan Asset Management, focusing on global local and hard currency fixed income strategies. Before that, he was responsible for Eastern European strategies in Fortis Investments in London. From 2002 until 2007 he was working in Credit Suisse Asset Management in Warsaw, initially as a portfolio manager and later heading the fixed income team. Michal started his professional career in 2000 as an equity analyst in ABN AMRO Asset Management.

 

Mr. Wozniak earned a Masters in Finance and Banking from the Warsaw School of Economics in 2001.

Literature

Literature